Form and content of UK DLG liquidity support undertakings for intra-group liquidity modifications
|
|
- Chastity Arnold
- 7 years ago
- Views:
Transcription
1 Form and content of UK DLG liquidity support undertakings for intra-group liquidity modifications Overview 1. The FSA may grant an intra-group liquidity modification to create a UK Defined Liquidity Group (UK DLG), in which the liquidity of the constituent ILAS BIPRU firms is managed on a group-wide basis. Such a modification would mandate a liquidity undertaking (the Loan Facility Agreement ) between the constituent ILAS BIPRU firms which must be a multi-currency, 2-way commitment between those firms having the attributes set out below. The purpose of requiring such an undertaking is to ensure that liquidity can flow completely freely throughout the UK DLG. Attributes of Loan Facility Agreement 2. The characteristics which the FSA will require the Loan Facility Agreement to possess are prescribed in greater detail as follows: a) The Loan Facility Agreement must be an enforceable contract for a 2-way, unsecured, revolving loan facility, callable in all currencies that are significant in the businesses of the members of the UK DLG. The obligation of each member firm to lend may be limited to its available liquidity resources. Available liquidity resources means in this context: i) those of the lending entity s liquidity resources that comprise cleared, immediately accessible funds or those of its assets, rights, facilities or other resources that it, using its best efforts, is capable of converting to cleared, immediately accessible funds such that they may be transferred to and received by the borrowing entity in accordance with paragraph 2(k)(i) below; but excluding: (1) those of its liquidity resources that the lending entity has calculated it is likely will be needed to meet its liabilities to entities other than those in the UK DLG falling due in the 24-1
2 hour period following receipt of a request to borrow from the borrowing entity; (2) those of its liquidity resources that the lending entity has already agreed to lend to entities in the UK DLG other than the borrowing entity in the 24-hour period following receipt of a request to borrow from the borrowing entity; and (3) such portion of its liquidity resources which, if lent, would cause the lending entity to become balance sheet insolvent in the sense of section 123(2) of the Insolvency Act We further would expect that the Loan Facility Agreement: (A) not require the lending entity to lend if it reasonably believed that after making the loan, if made in full, it would: (i) be in breach of its capital resources requirement; or ( run a significant risk that it would not be able to pay its debts as they fell due; except to the extent approved in advance by the FSA; and (B) require the lending entity to notify the FSA promptly upon receipt of a request to make such a loan. b) The FSA expects the Loan Facility Agreement to consist of liquidity support undertakings made between all members of the UK DLG, thereby creating a cat s cradle configuration of commitments. Where an applicant firm considers that another type of arrangement is more appropriate (given its group structure), the burden lies on the applicant to show that the proposed structure poses no undue risk in comparison with the cat s cradle arrangement. In particular, the applicant firm will need to demonstrate how available liquidity could be moved within the proposed UK DLG if, for whatever reason, the primary lending entity (i.e., the hub ) were to be unable to provide funding. In any event, the entirety of 2
3 the undertaking(s) comprising the Loan Facility Agreement must be contained in a single document. c) The Loan Facility Agreement must contain no conditions on the availability of the loan facility to a borrowing entity, or on a drawdown by a borrowing entity, except that: i) the borrowing entity continues to be a member of the UK DLG; and the borrowing entity is solvent meaning that no insolvency event has occurred in respect of the borrowing entity. An insolvency event occurs when: (1) an order (including a bank insolvency order or bank administration order, as defined by s.94 and s.141 of the Banking Act 2009, respectively) is made, or an effective resolution passed, for the liquidation or winding up of the relevant entity; or (2) a receiver, administrator, trustee, bank liquidator, bank administrator, or other similar official shall be appointed in relation to the whole of the relevant entity. d) The Loan Facility Agreement must be governed by English, Scottish or Northern Irish law. e) The Loan Facility Agreement must contain a jurisdiction clause providing that disputes arising from the agreement are to fall within the exclusive jurisdiction of the courts of the country of the governing law, save that the borrowing entity may choose the jurisdiction of the courts of the lending entity s country of incorporation/head office (if different). f) The Loan Facility Agreement must contain an entire agreement clause. g) The Loan Facility Agreement must contain no terms that limit the enforceability of the agreement by reference to representations, warranties, 3
4 conditions precedent or events of default (other than insolvency of the borrowing entity). h) The Loan Facility Agreement must contain a clause stipulating that damages arising from any impecuniosity of the borrowing entity due to non-provision of funds under the Loan Facility Agreement are recoverable, but must contain no liquidated damages or limitation clauses (i.e. no preestimates of, or limits on, damages recoverable for breach of the agreement). i) The Loan Facility Agreement must contain a clause stating that: i) the purpose of the lending facility is to provide a borrowing entity with liquidity in a range of circumstances; the lending facility has been provided both to meet the funding needs of the borrowing entity and in connection with the modification of a regulatory requirement that would otherwise require the borrowing entity to be self-sufficient in terms of liquidity, which has enabled the borrowing and lending entities group to fund itself on a more efficient basis; i the facility may be drawn down by a borrowing entity either on its own initiative or in response to a request or requirement from the FSA; and iv) the circumstances in which the facility may be used include those in which a borrowing entity is unable to access funding from other sources on normal market terms or at all, and that in such circumstances, damages will not be an adequate remedy for the lending entity s failure to lend money to the borrowing entity under the facility (i.e. for the lending entity s breach of the agreement). j) The Loan Facility Agreement must contain a clause stating that all parties to the agreement recognise that the purposes of the agreement include (a) the protection of consumers, and (b) wider market stability; 4
5 k) The Loan Facility Agreement must contain clauses providing that: i) liquidity support must be provided by a lending entity to a borrowing entity as cash in cleared, immediately accessible funds within 24 hours of the borrowing entity requesting the loan it must be provided by the end of the same business day if the borrowing entity makes a request before noon; otherwise it must be provided by noon on the following business day; the loaned funds may be used by the borrowing entity for its general corporate purposes; i the following provisions apply in respect of a firm ceasing to be a party to the Loan Facility Agreement: (1) any member of the UK DLG may cease to be a party to the Loan Facility Agreement upon giving not less than 6 months notice to the other members of the UK DLG; in such circumstances, the contractual relations between the other members of the UK DLG under the Loan Facility Agreement will continue in force unaltered (formally, this may mean that the contract is varied in order to discharge the departing member from its obligations); (2) when a member of the UK DLG gives notice of its intention to cease to be a party to the Loan Facility Agreement, its obligation to repay any loan whose term extends beyond the date at which it will cease to be a party is accelerated so that the loan must be repaid by the date at which it will cease to be a party to the Loan Facility Agreement; (3) the outstanding borrowings of a member of the UK DLG under the Loan Facility Agreement must be repaid by the time at which it ceases to be a party to the Loan Facility Agreement; 5
6 (4) the Loan Facility Agreement (whether in its original form or as varied) may not be terminated while being relied on for an intragroup liquidity modification to form a UK DLG. iv) if the intra-group liquidity modification is revoked by the FSA, each member of the UK DLG has the right to be released from its loanmaking obligations to other members of the UK DLG under the Loan Facility Agreement. However, its existing repayment obligations would be unaffected. l) The Loan Facility Agreement must specify the rate of interest and any other charges to be levied by the lending entity; the rate of interest must be a market rate that would not inhibit use of the loan facility. Conditions and requirements 3. The FSA will make it a condition of the waiver that the applicant firm has obtained a separate legal opinion (one for each jurisdiction in which a party to the Loan Facility Agreement is located) from a reputable third-party counsel with expertise in the relevant field dealing with the following matters: a) Compliance of the Loan Facility Agreement with all the stipulations above. b) Parties corporate standing; c) Whether the obligations are legal, valid, binding and enforceable (including any relevant conflicts of laws issues and corporate benefit issues); d) Due execution (including whether the agreement was within the capacity and powers of the parties, duly authorised, with all necessary consents and approvals); and e) Whether the provision of the loan facility, and exercise of the rights thereunder, would conflict with any applicable laws or regulations. 4. In order to satisfy the above condition in the waiver, the legal opinion must have found that the Loan Facility Agreement complies with all the stipulations and is enforceable in all relevant jurisdictions and under all relevant systems of law. 6
7 5. The FSA will impose a requirement within the waiver (i.e. will amend the Handbook rules) such that the applicant firm must make reasonable efforts to keep under review any legal or regulatory changes that could affect the efficacy of the Loan Facility Agreement, and that it will take all reasonable steps to amend the agreement in the light of any such changes in order to maintain the Loan Facility Agreement s efficacy. 7
Loan regulations (Adopted by the Administrative Council by Resolution 1562, on 14 November 2013)
Loan regulations (Adopted by the Administrative Council by Resolution 1562, on 14 November 2013) Edition updated in November 2014 CHAPTER 1 Object of the Loan Regulations ARTICLE 1.1 Object of the Loan
More information13.1 FORM OF SUBORDINATED LOAN AGREEMENT FOR PERSONAL INVESTMENT FIRMS (SEE IPRU (INV) 13)
13.1 FORM OF SUBORDINATED LOAN AGREEMENT FOR PERSONAL INVESTMENT FIRMS (SEE IPRU (INV) 13) NOTES FOR COMPLETION OF THIS DOCUMENT This subordinated loan Agreement is to be used for injecting additional
More informationMUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions )
MUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions ) Please ensure all relevant staff have read and understood these Conditions before signing. Please complete, sign and return the Music Resources
More informationCORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1
CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE Undertakings Norton Rose LLP June 2012 1 UNDERTAKINGS What is an undertaking? 1 In general terms, an undertaking is simply an enforceable
More informationPlease ensure that the full date is entered (including the month and year e.g. 14 th December 2010.) Page 2 paragraph 7.1 Please insert the date
Please print this agreement, sign it and return it to: Accounts Department Maurice Lay Distributors Limited Fourth Way Avonmouth Bristol BS11 8DW Please ensure that you have completed the following At
More informationThe Lender has agreed to provide the Borrower with an unsecured term loan. PARTIES (1) incorporated and registered in England and Wales
Loan Agreement THIS AGREEMENT is dated The Lender has agreed to provide the Borrower with an unsecured term loan. PARTIES (1) incorporated and registered in England and Wales with company number,, whose
More informationBRIDGE LOAN FACILITY. (1) CO-OPERATIVE GROUP LIMITED (registration number IP00525R) as lender (the Lender);
EXECUTION VERSION BRIDGE LOAN FACILITY THIS AGREEMENT is dated November 2013 and is made BETWEEN: (1) CO-OPERATIVE GROUP LIMITED (registration number IP00525R) as lender (the Lender); (2) CO-OPERATIVE
More informationAn Agreement dated [ enter date ] governing the conduct of Insurance Business between:
Terms of Business Agreement (Non Risk Transfer) An Agreement dated [ enter date ] governing the conduct of Insurance Business between: and [Name of Managing Agent] on its own behalf and on behalf of the
More informationAMENDED AND RESTATED BANK ACCOUNT AGREEMENT. by and among. RBC COVERED BOND GUARANTOR LIMITED PARTNERSHIP as Guarantor LP. and
Execution Version AMENDED AND RESTATED BANK ACCOUNT AGREEMENT by and among RBC COVERED BOND GUARANTOR LIMITED PARTNERSHIP as Guarantor LP and ROYAL BANK OF CANADA as Cash Manager, Account Bank and GIC
More informationGUIDE TO SYNDICATED LOANS
GUIDE TO SYNDICATED LOANS CONTENTS Clause Page 1. Introduction... 1 2. Types Of Facility Commonly Syndicated... 1 3. Parties To A Syndicated Loan... 2 4. Documentation For A Syndicated Loan... 4 5. Timing...
More informationLoan Agreement General Terms
June 2015 Loan Agreement General Terms These General Terms, together with the Specific Terms and Collateral Documents, contain the terms and conditions on which you have agreed to borrow the Loan from
More informationPublished: 11 th August 2015 Version: 2.1
INVOICE FINANCING (IF) CONDITIONS These invoice financing conditions (IF Conditions) shall govern and be incorporated into every invoice financing contract (IF Contract), and shall prevail over any terms
More informationPersonal Loan Agreement and Terms and Conditions
PARTIES Personal Loan Agreement and Terms and Conditions 1.SAMBA FINANCIAL GROUP, Dubai Branch, with offices located at Jumeirah Road, Umm Suqueim 2, P.O. Box 6038, Dubai, United Arab Emirates (the Samba
More information1. Definitions In the Agreement, unless the context requires otherwise, the following words shall have the following meanings:
Trading Services User Terms and Conditions 1. Definitions In the Agreement, unless the context requires otherwise, the following words shall have the following meanings: Access Accredited Software means
More informationAMENDED AND RESTATED GUARANTEED INVESTMENT CONTRACT. by and among RBC COVERED BOND GUARANTOR LIMITED PARTNERSHIP. as Guarantor LP.
Execution Version AMENDED AND RESTATED GUARANTEED INVESTMENT CONTRACT by and among RBC COVERED BOND GUARANTOR LIMITED PARTNERSHIP as Guarantor LP and ROYAL BANK OF CANADA as Cash Manager and GIC Provider
More informationUnofficial Consolidation
CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) REGULATIONS 2015 (S.I. No. 585 of 2015) Unofficial Consolidation This document is an unofficial
More informationTerms of Use/ Disclaimers/ Contract/ Agreement
Website Development and Ongoing Services Agreement Terms of Use/ Disclaimers/ Contract/ Agreement Between You as the client and WideNet Consulting, LLC as the service provider. By using the services of
More informationFinancial Services (Collective Investment Schemes) FINANCIAL SERVICES (EXPERIENCED INVESTOR FUNDS) REGULATIONS 2012
Financial Services (Collective Investment Schemes) 2005-48 Legislation made under s. 52. FINANCIAL SERVICES (EXPERIENCED INVESTOR FUNDS) (LN. ) Commencement 12.4.2012 Amending enactments Relevant current
More informationLOAN AGREEMENT. (The City of Elk Grove Small Business Loan Program)
LOAN AGREEMENT (The City of Elk Grove Small Business Loan Program) THIS LOAN AGREEMENT (the "Loan Agreement") is made and entered into as of [date], by and between The City of Elk Grove, a California municipal
More informationINVESTMENT ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT This Agreement is between the undersigned individual or entity ( Client ) and Van Meter Associates, LLC ( Adviser ). The parties agree as follows: 1. Appointment of Manager.
More informationGUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK
GUIDELINE ON THE APPLICATION OF THE OUTSOURCING REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID AND THE CRD IN THE UK This Guideline does not purport to be a definitive guide, but is instead a non-exhaustive
More informationJRI S STANDARD TERMS OF PURCHASE. Business Day: a day (other than a Saturday, Sunday or public holiday) when banks in London are open for business.
JRI S STANDARD TERMS OF PURCHASE 1. INTERPRETATION 1.1 Definitions. In these Conditions, the following definitions apply: Business Day: a day (other than a Saturday, Sunday or public holiday) when banks
More information(1) [Name of Company] (2) EVOLUTION INSURANCE COMPANY LIMITED
(1) [Name of Company] - and - (2) EVOLUTION INSURANCE COMPANY LIMITED CORPORATE COUNTER INDEMNITY Page 1 of 8 THIS DEED OF INDEMNITY is made on... 2012 BETWEEN (1) [Name of Company] (Company Number.) of
More informationTERMS OF BUSINESS FROM ROYAL LONDON INCORPORATING OUR TRADING NAME SCOTTISH PROVIDENT
For advisors only TERMS OF BUSINESS FROM ROYAL LONDON INCORPORATING OUR TRADING NAME SCOTTISH PROVIDENT Protection DOING BUSINESS TOGETHER 1. Our terms of business set out the conditions upon which we
More informationTerms of Business Agreement (Wholesale)
Terms of Business Agreement (Wholesale) This agreement is dated and is made between 1 (Company Number ) (the Broker ) whose Registered Office is and 2 Glemham Underwriting Limited (Company Number 5509907)
More informationCLEARING AND SETTLEMENT SYSTEMS BILL
C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation
More informationAustralian Unity Bonds Trust Deed
Australian Unity Bonds Trust Deed Dated 9 November 2015 King & Wood Mallesons Level 61 Governor Phillip Tower 1 Farrer Place Sydney NSW 2000 Australia T +61 2 9296 2000 F +61 2 9296 3999 www.kwm.com Australian
More informationISDA. International Swaps and Derivatives Association, Inc. 2002 MASTER AGREEMENT. dated as of... ... and...
ISDA International Swaps and Derivatives Association, Inc. 2002 MASTER AGREEMENT dated as of...... and... have entered and/or anticipate entering into one or more transactions (each a Transaction ) that
More information27 April 2010. E.M.I.S. FINANCE B.V. as Issuer. and. TMF TRUSTEE LIMITED as Trustee. and. THE BANK OF NEW YORK MELLON as Principal Paying Agent.
27 April 2010 E.M.I.S. FINANCE B.V. as Issuer and TMF TRUSTEE LIMITED as Trustee and THE BANK OF NEW YORK MELLON as Principal Paying Agent and RENAISSANCE SECURITIES (CYPRUS) LIMITED as Calculation Agent
More informationAdministrative Notice No. 2a Subordinated Loan Capital. Date of Paper : 1 July 1994 Version Number : V1.00
No. 2a Subordinated Loan Capital Date of Paper : 1 July 1994 Version Number : V1.00 File Location : document4 Table of Contents Notice To Institutions Licensed Under The Banking Ordinance 1992... 3 General
More informationCredit Suisse Tailored Loan and Options Facility Terms and Conditions
Dated 4 June 2013 Issued by Credit Suisse Investment Services (Australia) Limited (ABN 26 144 592 183 AFSL 370450) Credit Suisse Tailored Loan and Options Facility Terms and Conditions 1. OPTIONS FACILITY...
More informationCOMMERCIAL CREDIT CARD AGREEMENT
COMMERCIAL CREDIT CARD AGREEMENT This Commercial Credit Card Agreement contains the terms which govern the use of your Visa business credit card and corresponding Account, and outlines your responsibilities
More informationPersonal Loan Contract
GE Money Personal Loan Contract Terms & Conditions GE imagination at work Contents What we lend and when 1 The annual interest rate 2 Interest charges 2 Repayments 3 Early repayment 3 Fees and charges
More informationIn these conditions "the Company" means Pro Formance Metals Limited
Terms and Conditions of Sale In these conditions "the Company" means Pro Formance Metals Limited 1. ALL CONTRACTS OF SALE - incorporate these Terms and Conditions. Any variation of these Terms and Conditions
More informationA Guide to a Debt Settlement Arrangement ( DSA )
A Guide to a Debt Settlement Arrangement ( DSA ) May 2013 Contents Introduction... 2 What is a DSA?... 2 Eligibility... 3 What Type of Debts may or may not be included in a DSA?... 4 The DSA Process...
More informationNetwork Support Service Contract Terms & Conditions. Business Terms describes this agreement for the provision of support services to the client;
Network Support Service Contract Terms & Conditions 1. Definitions In these Terms and Conditions: Business Terms describes this agreement for the provision of support services to the client; Service Manager
More informationRESIDENTIAL LOAN AGREEMENT. General terms & conditions
RESIDENTIAL LOAN AGREEMENT General terms & conditions Effective Date: 23 May 2016 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required
More informationDATED 2016 DEPARTMENT OF EDUCATION AND CHILDREN. and [ ] AGREEMENT FOR A LOAN MADE PURSUANT TO THE EDUCATION (STUDENT AWARDS) REGULATIONS 2016
Loan Agreement Reference No. [ ] DATED 2016 DEPARTMENT OF EDUCATION AND CHILDREN and [ ] AGREEMENT FOR A LOAN MADE PURSUANT TO THE EDUCATION (STUDENT AWARDS) REGULATIONS 2016 IN COMMERCIAL CONFIDENCE Contents
More informationKey issues in bank lending
Key issues in bank lending Introduction Welcome to Keynotes. Keynotes is a monthly event and publication to help early stage businesses get to grips with key legal issues. A bit about us Keynotes is brought
More informationHow we work (Terms of Business)
How we work (Terms of Business) Who we are Care and Choice Limited (the Agency or we, our or us ) is an introduction agency that connects individuals seeking care services ( Client or you or your ) and
More informationBANKING UNIT POLICY DOCUMENTS
BANKING UNIT POLICY DOCUMENTS POLICY DOCUMENT ON THE REGULATORY PROVISIONS FOR THE UNDERTAKING OF LENDING ACTIVITIES BY INSTITUTIONS AUTHORISED UNDER THE FINANCIAL INSTITUTIONS ACT 1994 FACTORING FORFAITING
More information3.6. Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in an English court.
Terms of business agreement - commercial customers M & N Insurance Service Limited Authorised and regulated by the Financial Conduct Authority No: 305837. Registered Office: 248 Hendon Way London NW4 3NL
More informationThe Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following:
Summary 1 Trust Deed The Trust Deed is dated 30 August 2012. The Trust Deed is between the Issuer and the Trustee and provides for the following: 1.1 Issue of PERLS VI The Issuer may issue PERLS VI to
More informationInsolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable
More informationSuppliment tal-gazzetta tal-gvern ta Malta Nru. 18,412, 30 ta April, 2009 Taqsima B FINANCIAL MARKETS ACT (CAP. 345)
VERŻJONI ELETTRONIKA B 1579 Suppliment tal-gazzetta tal-gvern ta Malta Nru. 18,412, 30 ta April, 2009 Taqsima B L.N. 138 of 2009 FINANCIAL MARKETS ACT (CAP. 345) Central Securities Depository (Authorisation
More informationState of California Department of Corporations
STATE OF CALIFORNIA BUSINESS, TRANSPORTATION AND HOUSING AGENCY DEPARTMENT OF CORPORATIONS Allied Cash Advance California, LLC dba Allied Cash Advance File # 0- and 0 locations NW th Street, Suite 00 Doral,
More informationSANLAM PERSONAL LOANS 3 (PTY) LTD ( SPL3 ) TERMS & CONDITIONS
SANLAM PERSONAL LOANS 3 (PTY) LTD ( SPL3 ) TERMS & CONDITIONS 1 PLEASE NOTE: 1.1 these terms and conditions are the SPL3 Terms & Conditions, which are deemed to be incorporated in the Loan Agreement concluded
More informationGuidance. Guide to Debt Relief Orders. When, Where, How, Who, What
Guidance Guide to Debt Relief Orders When, Where, How, Who, What June 2011 Contents 1 About this Guide Page 5 2 What is a 6 What are your duties in connection with a debt relief order? 10 Debt relief
More informationAPPENDIX FOR FUTURES TRADING
APPENDIX FOR FUTURES TRADING This Appendix sets out the Terms and Conditions for Futures trading which apply where the Client opens or maintains a Futures Account with ICBCIS. The Client requests and authorizes
More informationNAB Equity Lending. Facility Terms
NAB Equity Lending Facility Terms This document contains important information regarding the terms and conditions which will apply to your NAB Equity Lending Facility. You should read this document carefully
More information2011 / 3 Directives on fiduciary investments
2011 / 3 Directives on fiduciary investments Preamble The Board of Directors of the Swiss Bankers Association has adopted these Directives in order to maintain and enhance the reputation and high quality
More informationBOC CREDIT CARD (INTERNATIONAL) LIMITED TERMS & CONDITIONS OF BOC EXPRESS CASH INSTALMENT LOAN
BOC CREDIT CARD (INTERNATIONAL) LIMITED TERMS & CONDITIONS OF BOC EXPRESS CASH INSTALMENT LOAN Successful applicant ( Borrower ) of the approved BOC Express Cash Instalment Loan shall be subject to the
More informationFirm Registration Form
Firm Registration Form Firm Registration Form This registration form should be completed by firms who are authorised and regulated by the Financial Conduct Authority. All sections of this form are mandatory.
More informationAMP Subordinated Notes 2 Trust Deed
AMP Subordinated Notes 2 Trust Deed Dated: 6 November 2013 AMP Limited (ABN 49 079 354 519) ( Issuer ) The Trust Company (Australia) Limited (ABN 21 000 000 993) ( Trustee ) King & Wood Mallesons Level
More informationOREGON BUSINESS DEVELOPMENT DEPARTMENT CREDIT ENHANCEMENT FUND INSURANCE PROGRAM LOAN INSURANCE AGREEMENT
OREGON BUSINESS DEVELOPMENT DEPARTMENT CREDIT ENHANCEMENT FUND INSURANCE PROGRAM LOAN INSURANCE AGREEMENT In consideration of the mutual undertakings set forth in this Agreement, ("Lender") and the State
More informationClient Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007
Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope
More informationDOMAIN NAME REGISTRATION SERVICES TERMS AND CONDITIONS
DOMAIN NAME REGISTRATION SERVICES TERMS AND CONDITIONS 1. INTERPRETATION 1.1 In this Agreement the following terms shall have the following meanings: Agreement Bundled Services Domain Names Fees Initial
More informationLoans and Security Training
Jonathan Lawrence, Finance Partner, London Loans and Security Training November 2014 Copyright 2014 by K&L Gates LLP. All rights reserved. LOANS AND SECURITY TRAINING A. Entering into a loan facility B.
More informationThird Parties (Rights against Insurers) Act 2010
Third Parties (Rights against Insurers) Act 2010 CHAPTER 10 CONTENTS Transfer of rights to third parties 1 Rights against insurer of insolvent person etc 2 Establishing liability in England and Wales and
More informationBreed Communications Limited - limited company consultancy agreement 230113
Limited Company Consultancy Master Agreement DATED BETWEEN:- (1) Breed Communications Limited (Company Number 4809384) whose registered office is c/o Hilton Consulting, 119 The Hub, 300 Kensal Rise, London
More informationGeneral Terms and Conditions for Business Lending to Partnerships
General Terms and Conditions for Business Lending to Partnerships CONTENTS 1. Introduction......................................................................................... 3 2. DEFINITIONS AND
More informationForeign Currency Forward Master Contract
Foreign Currency Forward Master Contract Foreign Currency Forward Master Agreement ( Agreement ), dated as of, 20 between the client ( Client ) and Tempus, Inc. ( Tempus ). BACKGROUND 1. Forward Contract.
More informationInsolvency practitioner regulation regulatory objectives and oversight powers
Insolvency practitioner regulation regulatory objectives and oversight powers Legislative changes introduced on 1 October 2015 December 2015 1 Contents Introduction Part 1: Overview of regulatory objectives
More informationGuidance Note on Credit and Credit Control for Credit Unions. October 2007. Office of the Registrar of Credit Unions
Guidance Note on Credit and Credit Control for Credit Unions October 2007 Office of the Registrar of Credit Unions Contents Page Introduction 2 1. The Board of Directors 3 2. Credit Policy 5 3. Credit
More informationFinancial Services Act 2010
Financial Services Act 2010 CHAPTER 28 CONTENTS Objectives of FSA etc 1 Financial stability objective 2 Enhancing public understanding of financial matters etc 3 Meeting FSA s regulatory objectives Remuneration
More informationLondon Stock Exchange Testing Services Order Form
London Stock Exchange Testing Services Order Form For the purposes of the Data Protection Act 1998 and the Privacy and Electronic Communications (EC Directive) Regulations 2003, the information provided
More informationFebruary. Solvency II Information Note 1 Applications for approval of certain items specified in Article 308a of the Solvency II Directive
February 2015 Solvency II Information Note 1 Applications for approval of certain items specified in Article 308a of the Solvency II Directive Overview The implementation date of the ( the Directive )
More informationGlossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.
Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter
More informationThank you for your enquiry regarding credit facilities with British Airways.
Receivables Services Waterside (HDB1) P.O. Box 365 Harmondsworth UB7 0GB England Email: creditrisk.1.creditrisk@ba.com Dear Sir/Madam, Thank you for your enquiry regarding credit facilities with British
More informationHome Loan Agreement General Terms
Your Home Loan Agreement with us, China Construction Bank (New Zealand) Limited is made up of two documents: A. This document called ; and B. The document called Home Loan Agreement Specific Terms. Your
More informationscotland ACE Agreement 2: Advisory, Investigatory and other Services
2 ACE Agreement 2: Advisory, Investigatory and other Services for the appointment of a Consultant to undertake any type of services in the built and natural environments except where the Client appointing
More informationCompanies Regulations (COR)
Appendix 9 In this appendix underlining indicates new text and striking through indicates deleted text. N.B. As mentioned in paragraph 7 of this consultation paper, these regulations are made under the
More informationSECTION 00900 PERFORMANCE BOND., hereinafter called PRINCIPAL, and
SECTION 00900 PERFORMANCE BOND KNOW ALL PERSONS BY THESE PRESENTS: THAT (Name or Contractor) a (Address of Contractor) (Corporation, Partnership, or Individual), hereinafter called PRINCIPAL, and (Name
More informationMORTGAGE BROKER AGREEMENT
MORTGAGE BROKER AGREEMENT This Mortgage Broker Agreement (the "Agreement") is entered into by and between: ST. CLOUD MORTGAGE, a California Corporation (the "Lender"), and (the "Mortgage Broker") as of
More informationRESPONSE TO FEEDBACK RECEIVED INDUSTRY CONSULTATION ON ACCEPTABLE COLLATERAL & CONTRACTS FOR DIFFERENCES
RESPONSE TO FEEDBACK RECEIVED INDUSTRY CONSULTATION ON ACCEPTABLE COLLATERAL & CONTRACTS FOR DIFFERENCES 1 General Comments 1.1 MAS issued a consultation paper last year to seek public comment on proposed
More informationBusiness and Agri Loan Terms and Conditions
October 2012 Thank you for choosing an ANZ loan. When you take out a loan, various terms and conditions apply to it. These are covered in this Terms and Conditions document and in your loan agreement.
More informationSHORT TERM FLAT NBP. Trading Terms & Conditions
SHORT TERM FLAT NBP TR Trading Terms & Conditions 2015 ("NBP 2015") SHORT TERM FLAT NBP TRADING TERMS AND CONDITIONS 1. Definitions and Interpretation 1.1 The following words or phrases, where they appear
More informationCitibank Ready Credit PayLite ( RCPL ) Terms And Conditions
Citibank Ready Credit PayLite ( RCPL ) Terms And Conditions 1. Definitions 1.1 In this RCPL Agreement, "we", "our" and "us" means Citibank Singapore Limited and its successors and any novatee, assignee,
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM
Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised November 2013 For use in proposals issued on or after 1 January 2014 TABLE OF CONTENTS FOR STANDARD
More informationPEBBLE INTERCREDITOR AGREEMENT TERM SHEET IPFA STANDARD FORM 1.0
PEBBLE INTERCREDITOR AGREEMENT TERM SHEET IPFA STANDARD FORM 1.0 PEBBLE is an open market standard, and has been adopted by the IPFA as a standard form. This document is made available in order to facilitate
More informationGUIDE TO SYNDICATED LEVERAGED FINANCE
GUIDE TO SYNDICATED LEVERAGED FINANCE CONTENTS Clause Page 1. Introduction... 1 2. Types Of Senior Leveraged Facilities Commonly Syndicated... 1 3. Parties To A Senior Syndicated Leveraged Facility...
More informationQUOTATION DOCUMENTS TERMS AND CONDITIONS OF AGREEMENT
Page 1 of 5 INTERPRETATION QUOTATION DOCUMENTS TERMS AND CONDITIONS OF AGREEMENT FOR THE SUPPLY AND DELIVERY OF FOODSTUFF OR AMENITIES ITEM(S) FOR THE PERIOD SPECIFIED IN THE AWARD LETTER In these Terms
More informationFCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010)
FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010) TABLE OF CONTENTS SECTION I Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article
More informationDATED 2013 ALPHA PROSPECTS PLC AND [ ] 10 PER CENT. CONVERTIBLE UNSECURED LOAN NOTE 2016
DATED 2013 ALPHA PROSPECTS PLC AND [ ] 10 PER CENT. CONVERTIBLE UNSECURED LOAN NOTE 2016 Alpha Prospects Plc 10% Convertible Unsecured Loan Note 2016 for [ ] August 2013 CONTENTS 1. DEFINITIONS AND INTERPRETATION...
More informationInternational Payment Service Terms and conditions
International Payment Service Terms and conditions Welcome to the International Payment Service (the Service) from Capita Registrars Limited (Capita). This document, together with your Application and
More informationREPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections
REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited
More informationTT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED CONDITIONS OF PURCHASE
TT ELECTRONICS INTEGRATED MANUFACTURING SERVICES LIMITED CONDITIONS OF PURCHASE DEFINITIONS In these conditions of purchase: the Buyer means TT electronics integrated manufacturing services Ltd., the Supplier
More informationSERVICES LEVEL AGREEMENT
Legal Sense (PTY) Ltd. is an Authorised Financial Services Provider FSP No: 26702 LEGAL PROTECTION FOR YOUR BUSINESS Criminal Civil Labour Contracts Debt Collection www.legalsense.co.za 0861 573 673 info@legalsense.co.za
More informationINSOLVENCY AND AVAILABLE OPTIONS
INSOLVENCY AND AVAILABLE OPTIONS Corporations Act 2001 - Section 95A 95A Solvency and insolvency (1) A person is solvent if, and only if, the person is able to pay all the person's debts as and when they
More informationISDA. International Swap Dealers Association, Inc. INTEREST RATE SWAP MASTER AGREEMENT. dated as of September 30, 2013. and
(Multicurrency Cross Border) ISDA International Swap Dealers Association, Inc. INTEREST RATE SWAP MASTER AGREEMENT dated as of September 30, 2013 BANK OF MONTREAL ( Party A ) and BMO COVERED BOND GUARANTOR
More information1. Background The Company traded as a provider of self storage facilities and operates 8 units throughout the UK.
Space Maker Storage Limited - in Administration ( the Company ) Information regarding the sale of all of the business and assets of the Company on 30 April 2010 as required by Statement of Insolvency Practice
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS
Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised November 2013 For use in Proposals issued on or after 1 January 2014 TABLE OF CONTENTS FOR STANDARD
More informationHome Loan Facility Agreement Terms and Conditions
Home Loan Facility Agreement Terms and Conditions Terms and Conditions Effective 13th July, 2013 ABN 55 094 317 665, ACL 286655, AFSL 286655. All rights reserved. 1 2 ABN 55 094 317 665, ACL 286655, AFSL
More informationGENERAL TERMS AND CONDITIONS FOR PROCUREMENT OF GOODS AND SERVICES IN RAIFFEISEN BANK KOSOVO J.S.C. (further as GTCs)
GENERAL TERMS AND CONDITIONS FOR PROCUREMENT OF GOODS AND SERVICES IN RAIFFEISEN BANK KOSOVO J.S.C. (further as GTCs) 1. DEFINITIONS Contract means the respective agreement in writing for the sale of Goods
More informationInsolvency Law Newsletter Switzerland Director's Duties & Liabilities in Distressed Companies
Insolvency Law Newsletter Switzerland Director's Duties & Liabilities in Distressed Companies What steps should a Board undertake when it realises that a company is in financial difficulties from a management
More informationmortgage loan terms 2011
mortgage loan terms 2011 These financial and other terms are part of the legal arrangements of your Loan with the mortgage deed/standard security, your mortgage offer and the Mortgage Conditions. Contents
More informationVERSION: JANUARY 2010 GLOBAL MASTER SECURITIES LENDING AGREEMENT
VERSION: JANUARY 2010 GLOBAL MASTER SECURITIES LENDING AGREEMENT CONTENTS CLAUSE PAGE 1. APPLICABILITY...3 2. INTERPRETATION...3 3. LOANS OF SECURITIES...9 4. DELIVERY...9 5. COLLATERAL...10 6. DISTRIBUTIONS
More informationMemorandum of Mortgage
Memorandum of Mortgage These are the terms and conditions which form part of your mortgage. As this is an important document, please store it in a safe place. Memorandum of Mortgage 2015/4325. Westpac
More informationSEAT PAGINE GIALLE S.P.A. UNIFORM ELCDS SETTLEMENT AGREEMENT
SEAT PAGINE GIALLE S.P.A. UNIFORM ELCDS SETTLEMENT AGREEMENT Allen & Overy LLP 0062423-0000107 ICM:13198868.8 CONTENTS Clause Page 1. Definitions and Interpretation...1 2. Settlement Agreement Effective
More informationGUARANTEED DEPOSIT ACCOUNT CONTRACT. by and among CIBC COVERED BOND (LEGISLATIVE) GUARANTOR LIMITED PARTNERSHIP. as Guarantor. and
Execution Copy GUARANTEED DEPOSIT ACCOUNT CONTRACT by and among CIBC COVERED BOND (LEGISLATIVE) GUARANTOR LIMITED PARTNERSHIP as Guarantor and CANADIAN IMPERIAL BANK OF COMMERCE as Cash Manager and GDA
More information